Bessent Says Yen Moves Contained, Backs BOJ Governor Ahead of G20

US Treasury Secretary Scott Bessent said on Sunday that recent declines in the Japanese yen are "pretty well contained," signaling that Washington does not currently see conditions warranting a repeat of the rare joint US-Japan currency intervention carried out last month. In an interview with Reuters, Bessent also declined to advise the Bank of Japan on whether to pursue consecutive interest rate hikes, instead expressing confidence in Governor Kazuo Ueda's judgment. Bessent's comments, made ahead of the Group of 20 finance leaders gathering in Asheville, North Carolina, mark a shift from his earlier vocal advocacy for tighter Japanese monetary policy. He stated that the yen's renewed weakness does not resemble the disorderly moves that prompted the coordinated intervention around July 31 to August 1, 2026, when the currency hit 40-year lows near 163.73 per dollar. "Oh, no. I think it's pretty well contained," Bessent said when asked if the yen was still making disorderly moves. The Treasury Secretary plans to meet Ueda on the sidelines of the two-day G20 summit, which begins on Monday.